ISLAMABAD – The Economic Coordination Committee on Friday approved a hike in retail prices of 20 medicines including Paracetamol products.
The decision was taken at meeting of the ECC chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP, Federal Secretaries and other senior officers attended the meeting.
The ECC considered a summary of Ministry of National Health Services, Regulations and Coordination and allowed fixation of Maximum Retail Prices (MRPs) of 18 new drugs as recommended by Drug Pricing Committee (DPC). The prices of these 18 new drugs are at the lowest as compared to the prices of same drugs in neighbouring countries especially in India.
“The ECC considered another summary of ministry on Maximum Retail Price (MRP) of Paracetamol products and approved the recommendation of Drug Pricing Committee (DPC) for increase in Maximum Retail Price (MRP) of Paracetamol products and fixed price of Paracetamol Plain Tablet 500 mg at Rs2.67 and Paracetamol Extra Tablet 500 mg at Rs3.32,” read the press release.
The forum also approved the ministry’s recommendation of Drug Pricing Committee (DPC) for reduction in Maximum Retail Prices (MRPs) of 20 drugs.
Ministry of Energy (Power Division) also presented a summary on refinancing of Power Holding Limited’s (PHL) debt and a surcharge to recover markup payments. “The ECC has approved the proposal to recover Rs76 billion while exempting non-ToU domestic consumers having consumption 300 units and private agriculture consumers in four months period from March 2023 to June 2023 to recover the markup charges of PHL loans and allowed to impose additional surcharge of Rs. 1/unit for FY 2023-24 to recover additional markup charges of PHL loans not covered through the already applicable FC surcharge”.
The surcharges will also be applicable to K-Electric consumers to maintain uniform tariff across the country. The ECC also deferred PHL’s principal installments payable in respect of Rs283.287 billion for a period of two years from the date of execution of fresh facilities and directed Finance division to issue a Government Guarantee for repayment of principal as well as interest/fees, etc for the fresh facilities of Rs283.287 billion.
The ECC considered and approved the proposals contained in another summary of Ministry of Energy (Power Division) regarding recovery of staggered Fuel Charges Adjustment applicable for the months of August and September 2022.
The committee has deferred the electricity bills for the month of September 2022 for commercial consumers in the flood affected areas till the next billing cycle and waived off electricity bills for the months of August and September 2022 for the non- ToU domestic consumers having 300 units consumption.
The ECC also approved additional supplementary grant of Rs10.34 billion to cover waiver of electricity bills in flood affected areas. The ECC also considered another summary of Ministry of Energy and approved the Revised Circular Debt Management Plan.
It also considered and approved in principle a summary of Finance Division on Kamyab Pakistan Programme and entrusted State Bank of Pakistan (SBP) to validate the claims of wholesale lenders (WLs) after due diligence, due to non-existence of Program Management Unit (PMU) at Finance Division.
The ECC also approved in principle a technical supplementary grant of Rs450 million in favour of Ministry of Defence.
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